News > REA Preview for 2nd Quarter 2024 Singapore Residential Property Market

REA Preview for 2nd Quarter 2024 Singapore Residential Property Market

28 June 2024

As we are reaching the end of the 2nd quarter of 2024, let's take a look at a "flash" preview of how the Singapore residential property market has performed so far.

REA Preview of Public Residential Property

HDB Resale Price Index experienced a growth of 1.9% in the second quarter of 2024, showing a slight increase from the 1.7% growth in the first quarter of 2024. However, the resale volume witnessed a downturn, decreasing by 11% from the first quarter of 2024 and is also 3% lower compared to the same quarter last year. This indicates a cooling trend in the market despite the overall price increase.

REA Preview of Private Residential Property

Condominiums

Generally, Condo Sale Price Index*, according to REA data, showed a growth of 1.2% in the second quarter of 2024, up from the 1% growth in the first quarter of 2024. However, the performance varied across different regions.

Prices of condos in the Core Central Region (CCR) went down by 0.2%, which is a significant decrease from the 3.4% growth recorded in the previous quarter. Conversely, prices in the Outside Central Region (OCR) grew by 1%, an increase from the 0.2% growth in the previous quarter. In the Rest of Central Region (RCR), prices saw a growth of 1.3%, up from the 0.3% growth in the previous quarter.

Despite the increases in prices, the overall sale volume of condos dropped by 8% from the first quarter of 2024 and is 26% lower than the same quarter last year, reflecting a significantly reduced market activity.

Condo Rent Price Index continued its downward trend, declining by 0.9% in the second quarter of 2024. This follows the decline observed in the first quarter of 2024, which was –1.6%.

Landed Properties

Landed Sale Price Index showed a slight decrease of 0.3% in the 2nd quarter of 2024, contrasting sharply with the 1st quarter of 2024, which experienced a significant growth of 2.6%. This decline points to a possible stabilisation or cooling in the landed property market after the substantial growth seen earlier in the year.

About REA Quarterly Market Preview

The REA Quarterly Market Preview Reports are compiled based on REA Property Price Index (REA PPI), utilising data from a real-time database to track property value changes across key regions. This index provides essential early insights for buyers, sellers, and investors into the property market performance. Read more about our index here.

Data presented in this report is accurate as of 28 June 2024.

*Condo Price Index excludes Executive Condominiums that have less than 10 years MOP.

Disclaimer: Our real-time database is updated every time a transaction is submitted by an agency. While we strive to maintain the accuracy and completeness of the data, please note that transactions may not always be completed, information provided are not final and may be subject to change or error. Readers are advised to interpret the preview data with caution.

To know more about our data-driven real estate solutions, contact us here or reach out to our customer support team at:

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Email: help@realestateanalytics.sg

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